Plano & Plano Desenvolvimento Imobiliário S.A. (PLPL3) Q1 2026 earnings summary

Executive summary

• Launches reached BRL 989.3 million in 1Q26, up 60.4% from 4Q25 but down 16.0% year-over-year; LTM launches hit a record BRL 5.1 billion, up 10.9% from 1Q25 LTM.

• Net sales for 1Q26 LTM totaled BRL 4.3 billion, a 19.4% increase year-over-year, while 1Q26 net sales were BRL 841.8 million, down 1.6% year-over-year.

• Units under construction rose to a record 44,269, up 46.2% year-over-year.

• Landbank expanded to BRL 34.5 billion, up 11.7% year-over-year.

• Equity increased 35.0% year-over-year to BRL 1,167.9 million as of March 2026.

Financial highlights

• Net revenue for 1Q26 was BRL 738.3 million, up 21.4% year-over-year and 31.3% sequentially from 4Q25.

• Net income for 1Q26 was BRL 44.1 million, down 45.4% year-over-year, with net margin at 6.0%.

• Adjusted gross profit reached BRL 217.4 million in 1Q26, with an adjusted gross margin of 29.4%, down 4.6 pp year-over-year.

• Cash generation for the quarter was BRL 88.3 million, but cash consumption was BRL 93.8 million due to timing of receivables and dividends.

• Net debt stood at BRL 68.7 million, with a net debt/equity ratio of 5.9%.

Outlook and guidance

• Launches and net sales have shown strong compound annual growth rates, with launches up 38.1% CAGR and sales up 33.3% CAGR over recent years.

• Revenue to be appropriated/recognized reached BRL 3,438.4 million in 1Q26 LTM, up 34.8% year-over-year.

• Management expects higher-margin products launched in 2026 to improve future results, though current margins are limited by low representation of these projects.